Tuesday’s nearly 400-point decline in the Dow Industrials was a long overdue breath of fresh air. We shouldn’t assume it is the death knell for the nine-year-old bull market, however, since money managers with their economic lives at stake need only buy a handful of stocks in concert to turn things around. Even so, we’ll be paying particular attention to the shares of home builders (see TOL tout below), since they are less prone to be driven by bulls**t and hubris than such Wall Street faves as TSLA, NFLX, GOOG, MSFT, FB and AAPL. Meanwhile, the Dow Industrials have fallen 589 points, or 2.2%, since peaking on Friday at record levels. They would need to fall a further 432 points, touching 25,256, to announce that something might be seriously wrong.
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Tuesday, April 17, 2018
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